Tag: European Council of Ministers

Portuguese Finance Minister, Mario Centeno, was picked as the new head of the Eurogroup Monday, with the key job of chaperoning much needed reforms to the single currency bloc.

“Centeno, the minister for finance of Portugal, has been elected as the new Eurogroup president,” the European Council of Ministers said in a tweet, after he beat out his colleagues from Luxembourg, Slovakia and Latvia for the top job.

The job is one of the most strategic in the European Union, tasked with guiding economic policy in the face of clashing opinions and resistance, most notably by Germany.

His candidacy marks a big turnaround for Portugal since the worst of the debt crisis in which Lisbon was bailed out and forced to push through painful reforms to save its economy.

Elected for two and a half years, the head of the Eurogroup chairs the monthly meetings of finance ministers of the 19 countries that use the euro, with the main responsibility of coordinating the often clashing economic policies and priorities of its members.

The job is one of Europe’s top posts, with the holder considered one of the EU’s “five presidents” along with European Commission head Juncker and European Central Bank chief Mario Draghi.

The role was especially crucial during the tumultuous years of the eurozone debt crisis and Greek bailout negotiations, when the bloc’s ministers faced the daunting task of saving the euro currency from near collapse.

The first order of business for the incoming chief will be shepherding through reforms of the eurozone, which the ministers will discuss on Monday.

The reform push is part of wider efforts, spurred by French President Emmanuel Macron, to pursue deeper integration after Britain’s vote last year to leave the bloc.

Greece’s third bailout will also quickly come on to the agenda, with Athens expecting debt relief from its eurozone partners next year, a move powerful Germany believes is not necessary. (ednh.news/AFP)